Recently, the U.S. Court of Appeals for the Sixth Circuit issued an opinion in the Chapter 7 bankruptcy case Bash v.
U.S. Bankruptcy Judge Stuart Bernstein recently approved SunEdison’s proposed sale of $144 million of solar and wind assets to NRG Energy. The sale continues SunEd’s string of dispositions this year following its April bankruptcy filing. The company’s stunning descent has followed an equally aggressive rise over the preceding three years.
Facility agreements almost always contain events of default based on a borrower's insolvency. Defining insolvency is therefore key. In this article published in July 2013 we discussed how, following Eurosail1 , the common law was beginning to move the statutory tests of insolvency towards a more commercial view.
On 25 May 2016, the Insolvency Service published a consultation paper aimed at reforming various aspects of the UK's corporate insolvency regime. It has now collected responses from various interested parties including Dentons. Some proposals focus on the issue of rescue finance, and how to make sure businesses have access to suitable finance to continue to trade out of financial difficulty or achieve a suitable restructuring.
Sultani Decrees
Sultani Decree No. 39/2016
Enacting the Law on the continued validity of the licences of foreign accountancy and audit firms and the exemption of Omani owners of such firms from the full time requirement.
The Law extends the validity of the licences and the exemption up to 31/12/2017 renewable by a decision from the Ministers Council.
Issued on 18 August 2016. Effective from the day after the date of publication.
Sultani Decree No. 40/2016
On 25 May, the Insolvency Service published a consultation paper on options for reform of the UK's corporate insolvency regime. Their impetus is for the UK to remain at the forefront of insolvency best practice to ensure businesses, investors and creditors remain confident that best outcomes can be achieved when faced with financial difficulty, and to give a company the best possible chance to restructure its debts and return to profitability while protecting employees and creditors.
Renewable energy industry participants are hungrily eyeing the tiny U.S. commonwealth of Puerto Rico, trying to determine whether the island’s debt crisis-driven troubles – which recently put a halt on development activities on the island - are at an end. Until recent issues arose, the island was a hotbed of renewable energy activity. High energy prices, high insolation and the promise of 20 MW-plus deals with a government-backed utility generated excitement throughout the solar community.
Introduction
14 червня 2016 р. було прийнято новий закон «Про фінансову реструктуризацію» (Закон), який повинен розв’язати багато протиріч та допомогти в проведенні реструктуризації боргів в Україні.
Закон запроваджує нову процедуру реструктуризації фінансової заборгованості українських боржників-юридичних осіб (Реструктуризація).
Особливості нової процедури Реструктуризації:
On 14 June 2016 the Verkhovna Rada of Ukraine adopted the Law “On Financial Restructuring” (the Law), which aims to solve many conflicts and assist in debt restructurings in Ukraine.
The Law provides a new procedure for restructuring financial debt of Ukrainian corporate debtors (the Restructuring).
Special features of new Restructuring procedure include: